Robert Kiyosaki, author of the bestselling "Rich Dad, Poor Dad" series, has filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The Learning Annex, The New York Post reports.

As one of Kiyosaki's earliest backers, The Learning Annex was responsible for arranging the speaking engagements and platform that led to his massive success.

But apparently the fame went to his head because according to court papers obtained by the Post, Kiyosaki, who published his first "Rich Dad" book in 1994, never paid the Annex its rightful share. Said founder and chairman Bill Zanker: "Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise to us."

Kiyosaki's Rich Global company was ordered by a U.S. judge in April to cough up $23,687,957.21, which in turn led him to file for corporate bankruptcy on Aug. 20.

Despite the blow to the personal finance guru's reputation, Kiyosaki probably won't feel the pinch in his wallet. Forbes pegs his net worth around a cool $80 million, and Kiyosaki, who's written 11 books, operates as many as ten other companies. Rich Global was said to be worth a few million when it went under.

"Rich Dad, Poor Dad" became an overnight sensation when Kiyosaki made the rounds on feel-good daytime TV like "Oprah" and aired his speaking programs on PBS. Cash-strapped consumers identified with his inspirational story of learning how to manage money from one father who struck it big and another who died penniless and alone.

Of course, not everyone bought into the schtick. As Helaine Olen's wrote in Forbes Thursday, the guru's "tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts."

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Even though the title is misleading as it looks like only one of his companies is going under, I've always thought Kiyosaki is a fraud. This is a guy who went around telling everyone that he made it big in real estate when in fact he wrote a book, "Rich Dad, Poor Dad" that went nowhere until an Amway guy picked it up. The Amway guy then made sure it was a must-read among Amwayers. The book is a financial lesson based on his well-educated father who worked hard but lived paycheck to paycheck (poor Dad) and a "friend's father," who dropped out of school at the age of 13 but was an entrepreneur who did well for himself (rich Dad) and taught Kiyosaki a lot of financial/life lessons. The reality is that this book is what made Kiyosaki a bunch of money as all of a sudden sales soared once a lot of Amwayers began buying it up and others became curios as well and bought it.

There is no evidence that the Poor Dad ever existed. Kiyosaki has repeatedly refused to reveal the identity of this man and some have done extensive research to find out who this man is. There are other discrepancies in his background as well. I remember watching him on one of these financial news networks back in the early 2000's and when asked about his net worth, he stated "$50-100 million, depending on the day." How could your net worth swing that wildly if all you own is real estate and precious metals? Then, a few years later, when asked again, he stated "oh, around $35 million." If you invested in precious metals and real estate in the early 2000's, your net worth should not have gone down by the mid-2000's.

Anyway, he may be super-wealthy now and his advice may make sense at times, but I think this guy is a total sleaze and engages in general and repeated douchebaggery.